Nanocomposite materials provide the possibility for enhanced functionality and multi-functional properties in contrast with more-limited single-component counterparts. One example of a nanocomposite material is the inorganic core-shell structure. In the case where semiconductors comprise the core and shell, the core-shell motif has permitted enhanced photoluminescence, improved stability against photochemical oxidation, enhanced processibility, and engineered band structures. Where metals have been combined in core-shell structures, noble metals have been grown on magnetic metal cores and the reverse, for example, causing changes in magnetic, optical and chemical properties compared to the properties of the individual components. While examples of enhancement or modification of properties resulting from the core-shell structures are becoming more common, instances of truly multifunctional behavior remain rare. For example, iron oxide nanoparticles overcoated with a dye-impregnated silica shell were shown to retain the magnetic properties of the core, while exhibiting the luminescent optical properties of the organic dye.